A competent tax consultant in Dubai may build a proper approach that can save your company millions of dollars over the course of its existence, in addition to assisting you in avoiding paying high taxes that result from incorrect filing. Tax law-trained specialists with in-depth knowledge of their nations' tax systems are known as tax consultants in UAE, also known as tax advisors or tax practitioners.
They offer clients financial and tax guidance, such as how to calculate taxes based on investments and how to legally reduce their tax obligations.
Qualities of Tax Consultants in UAE
In this article, we'll look at what makes a competent tax consultant and what to consider before hiring one for your company.
- The Chosen Tax Consultant in Dubai Should Be Experienced
The VAT was implemented in the United Arab Emirates in 2018, and if you're like most business owners and managers there, you probably still find it difficult to comprehend how it will affect your company, let alone how to correctly file taxes and handle your accounting.
You are not alone in this situation, sadly; even the majority of those who identify themselves as VAT experts or tax preparers lack sufficient knowledge of taxes, let alone the intricacies of a young tax system.
Because of this, you require a qualified tax consultant in Dubai or a consulting company that does. Our company has been in the tax and accounting business for many years, and we also have hundreds of pleased customers.
As a result, we are aware of the requirements for creating a tax management strategy that is specific to the objectives of a firm.
- Creative Thought – An Important Quality for All Dubai Tax Consultants
The UAE's tax structure is still new and evolving, as we have indicated. To produce the most effective and efficient service while avoiding fines and making it work to the advantage of our clients requires a lot of experience and attention.
For instance, a provision of the legislation mandates that companies register for VAT, but there is a threshold for mandatory registration; thus, not all companies are required to do so. Even though it may appear simple at first glance, deciding whether to register for VAT, even if your company is operating below the statutory threshold, requires expertise and original thought.
Many inexperienced VAT advisors may advise you to hold off on registering until you reach the mandatory threshold, but the best course of action frequently isn't what it seems to be. It might be wise to proceed with VAT registration even if your company is still expanding, depending on the type of business you are doing.
Also Read About: Amendment in UAE VAT – Effective from 01.01.2023.
- The Tax Consultants in UAE Should be Knowledgeable Enough
A good plan, however, can only be developed following a thorough analysis of your company. Make sure the tax expert you hire specializes in one or more areas of taxation before hiring them (tax return preparation, tax planning, etc.)
Look for a seasoned tax consultant in Dubai who offers specialized services because they are typically experts in both personal and corporate tax regulations. Knowledge is essential since the tax area is too big, and tax laws are always changing.
Make sure you hire one of the few people who have excellent knowledge of taxes because there aren't many of them. The most recent changes to tax laws should constantly be familiar to a professional tax expert.
- Individualistic and Interested in Your Business
Please don't hire a tax consultant in Dubai or a representative of a VAT consulting firm to handle your taxes if they can't earn your faith and confidence. The most crucial area of your company is accounting, so it's crucial to only entrust someone or a company with such critical work to protect your interests.
The consultant's attention to detail and interest in your company should be your top priorities. Is he or she genuinely interested in your business or just interested in getting you to pay them for their services?
Remember that a consultant can only create a customized approach after fully comprehending your company's operations, current accounting setup, and business objectives. Do not hire someone if they are simply interested in performing the bare minimum work of filing taxes.
Also Read About: What is Transfer Pricing in UAE?
Key Learnings to Hire Dubai Tax Consultants
You can find the best tax consultant or firm to work with by being aware of the traits to look for in a candidate. Not only will you save money by doing this, but you'll also save the hassle of having to change tax preparers each season.
You'll feel more at ease knowing your accounting and tax preparations are in trustworthy hands if you find the correct consultant. This will free you up to concentrate on other crucial facets of running a firm.
Looking to collaborate with a seasoned tax consultant in Dubai? Connect with us right away.